His retail empire now consists of more than 2,600 supermarkets spread across the country.
Monday saw a milestone unfold in the career of 60-year-old entrepreneur Lee Thiam Wah, founder and owner of 99 Speed Mart, Malaysia's dominant mini-mart chain. His company's highly anticipated initial public offering (IPO) made history as Malaysia's biggest in seven years, catapulting him to billionaire status, Fortune reported. Starting from a simple roadside snack stall in Malaysia, Mr. Wah has built a retail empire that now has more than 2,600 convenience stores across the country.
Today, his company, 99 Speed Mart Retail Holdings Bhd, made a triumphant debut on the Kuala Lumpur Stock Exchange, raising $531 million in Malaysia's biggest initial public offering (IPO) in seven years. As shares rose 15 percent on the first day, Mr Wah's net worth skyrocketed to $2.8 billion, according to ForbesHis company's listing not only cements his position as one of Malaysia's richest individuals, but also represents a milestone for the country's capital markets.
''It comes at a crucial time for both Malaysia's IPO landscape and Southeast Asia's capital markets. This could boost market sentiment and position Malaysia as a major player in regional listings,'' said Mohit Mirpuri, a senior partner and fund manager at Singapore-based SGMC Capital Pte Ltd.
The extraordinary journey of Lee Thiam Wah:
Lee, one of 11 children, was born in 1964 to a modest family in Klang, Malaysia’s largest port. His parents, a construction worker and a street vendor, could only afford to send him to school for six years. After contracting polio, which left him unable to use his legs, Lee struggled to find work. Despite everything, he started selling snacks at a roadside stall, eventually saving enough to open his first supermarket in 1987. South China Morning Post reported.
“I have to help myself. No one would hire me because of my physical disability,” Mr. Wah said Forbes from 2010.
Through hard work, he expanded his business into the country’s largest mini-mart chain, 99 Speed Mart, with nearly 2,600 stores nationwide. He also became a major shareholder in Alliance Bank Malaysia Bhd. and invested in the Malaysian franchise of Burger King. After the company’s IPO, he plans to expand the number of stores to about 3,000 in the next three years, as stated in the prospectus.
